Home loan advice

One thing is for sure with property buying is you are going to be stressed out of your mind through the whole process and its guaranteed to leave your pocket feeling a bit light.

I've lost alot of weight so far.
 
air said:
but that type of increase would be devastating for most people.

Big boy underpants stuff :-)
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:D

Sure - I think some of the older guys would remember the hikes in the mid 80s when we hit the 25% mark and then again in the late 90s - i think it also hit the high 20s.

People literally lost their houses overnight. It changed my perspective of how the rates work for sure. Luckily for me I had a fixed rate with SAHL at the time.

But yeah - any spare cash, get it into the bond, assuming you dont have debt at a higher rate of interest.
 
pedo said:
One thing is for sure with property buying is you are going to be stressed out of your mind through the whole process and its guaranteed to leave your pocket feeling a bit light.

I've lost alot of weight so far.
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And dont forget the maintenance costs ..... sitting at home, roof leaks, fix that, toilet leaks, while the grass is growing faster than the EFF can hurl insults, and then the pool needs work, and then its time to paint, then the wife decides she wants something else .....

But then again, its always nice to come home to your own bricks and mortar - and while you pay rent, you pay someone else bond off without realising an asset at the end of it all.
 
Its just very important now to not overstretch - buy something you can afford COMFORTABLY. You'll be thankful you did few years from now
 
TEXTILE GUY said:
But then again, its always nice to come home to your own bricks and mortar - and while you pay rent, you pay someone else bond off without realising an asset at the end of it all.
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That, it always freaks me out that people pay so much in rent for someone else's bond.
 
TEXTILE GUY said:
:D

Sure - I think some of the older guys would remember the hikes in the mid 80s when we hit the 25% mark and then again in the late 90s - i think it also hit the high 20s.
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If that had to happen again, I'd have to put my savings on hold. Lots of people would be properly fscked though, especially those with families who are scraping by every month...
 
Mike Hoxbig said:
If that had to happen again, I'd have to put my savings on hold. Lots of people would be properly fscked though, especially those with families who are scraping by every month...
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Keerist, at 25%, I'd be up shyte creek without a paddle.... my bond would more than double :(...

I may be able to make ends meet, JUST.. but that would be a really crappy life.
 
Got a 100% bond on a 660k property no dep lastweek, the best i could get was prime plus 0.5 with the bank i am with STD, +1.25 at both fnb and nedbank, the red bank i don't even wan't to mention
 
Neo_za said:
Got a 100% bond on a 660k property lastweek, the best i could get was prime plus 0.5 with the bank i am with STD, +1.25 at both fnb and nedbank, the red bank i don't even wan't to mention
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That's very good! Congrats man. Two applicants or only you? And first time purchase?
 
Neo_za said:
Got a 100% bond on a 660k property no dep lastweek, the best i could get was prime plus 0.5 with the bank i am with STD, +1.25 at both fnb and nedbank, the red bank i don't even wan't to mention
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Prime + .5 is a pretty damn good rate at the moment for what I know...

So congrats dude, your life is now over :p
 
Ooba negotiated two banks down to 0.4% and 0.6% plus prime.

Waiting for SA Homeloans but I have another option which seems promising with a private bank account on a technicality.
 
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DA-LION-619 said:
So nobody brought up the pedo thing?
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5a62c6bcb0c7798ad76d79424e5ce0bc.jpg
 
Neo_za said:
Got a 100% bond on a 660k property no dep lastweek, the best i could get was prime plus 0.5 with the bank i am with STD, +1.25 at both fnb and nedbank, the red bank i don't even wan't to mention
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The red bank deserves a beat down.
 
air said:
not a big fan of fixing, they normally are quite aggressive(in their favour) and hike up by +2%, rate is valid for 2 years. Interest rate hikes are quite gradual/phased (assuming we don't hit junk) and I would rather take the differential and plough it into my bond. This approach gets blown out the water if there are massive hikes, but that type of increase would be devastating for most people.

Big boy underpants stuff :-)
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Exactly.

Add the 2% yourself and add it to your debit order.

Much more sensible than having the bank earn more money for some paperwork.
 
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